Truvestments Capital LLC Raises Position in PennantPark Investment Co. (NASDAQ:PNNT)

Truvestments Capital LLC raised its stake in shares of PennantPark Investment Co. (NASDAQ:PNNT) by 5.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 382,800 shares of the asset manager’s stock after purchasing an additional 20,907 shares during the period. Truvestments Capital LLC owned 0.59% of PennantPark Investment worth $2,710,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Grimes & Company Inc. purchased a new stake in PennantPark Investment during the fourth quarter valued at approximately $443,000. Strategic Financial Concepts LLC purchased a new stake in PennantPark Investment during the fourth quarter valued at approximately $115,000. Sanctuary Advisors LLC bought a new position in shares of PennantPark Investment during the fourth quarter valued at approximately $71,000. Janney Montgomery Scott LLC grew its stake in shares of PennantPark Investment by 12.1% during the fourth quarter. Janney Montgomery Scott LLC now owns 130,907 shares of the asset manager’s stock valued at $927,000 after buying an additional 14,124 shares during the last quarter. Finally, Verition Fund Management LLC bought a new position in shares of PennantPark Investment during the third quarter valued at approximately $74,000. 26.62% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, LADENBURG THALM/SH SH cut PennantPark Investment from a “buy” rating to a “neutral” rating in a research note on Wednesday, November 27th. One research analyst has rated the stock with a sell rating and four have issued a hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $6.00.

PennantPark Investment Stock Performance

Shares of PNNT opened at $6.98 on Wednesday. The firm has a market cap of $455.44 million, a PE ratio of 26.83 and a beta of 1.45. The company has a current ratio of 0.47, a quick ratio of 0.47 and a debt-to-equity ratio of 1.56. The stock has a fifty day moving average price of $7.11 and a 200-day moving average price of $7.00. PennantPark Investment Co. has a 12 month low of $6.43 and a 12 month high of $8.04.

PennantPark Investment Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be paid a $0.08 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.96 dividend on an annualized basis and a yield of 13.76%. PennantPark Investment’s dividend payout ratio (DPR) is 369.23%.

About PennantPark Investment

PennantPark Investment Corporation, a business development company is a private equity fund specializes in direct and mezzanine investments in middle market companies. It invests in the form of mezzanine debt, senior secured loans, and equity investments. The fund typically invests in buildings and real estate, hotels, gaming and leisure, technology, telecommunications, transportation, information technology services, electronics, healthcare & pharmaceuticals, education and childcare, financial services, printing and publishing, consumer products, business services, energy & Related Services and utilities, distribution, oil and gas, media, environmental services, aerospace and defense, building materials, capital equipment, chemicals, plastics, & rubber, food & beverage, wholesale, manufacturing and basic industries and retail.